Laserfiche WebLink
Mounds View City Council December 12, 2022 <br />Regular Meeting Page 9 <br /> <br />Hearing no further public input, Mayor Mueller closed the public hearing at 8:05 p.m. <br /> <br />Community Development Director Sevald explained Ramsey County had reviewed this project <br />and would provide comments on the plat. He stated the school district was aware of the project <br />and has made comments on where school bus pickups would be. He indicated this property was <br />within walking distance to Edgewood and Irondale High School. He reported the City does not <br />own this property and noted it would be cost prohibitive to subdivide the site into six single-family <br />parcels. <br /> <br />Mayor Mueller requested staff speak to the amount of guest parking spaces. Community <br />Development Director Sevald stated if parking becomes an issue the best solution would be to <br />assign parking stalls and to sign for visitor parking. <br /> <br />Council Member Meehlhause requested staff speak to how the Medtronic property benefits the <br />community. Finance Director Beer explained when a TIF district is established a base value is <br />established for tax purposes. He noted the Medtronic site had a base value of $8 million, where it <br />was previously tax exempt. He commented the increment is calculated based on the additional <br />value that is added to the property once buildings are constructed. He stated the subsidy Medtronic <br />receives is based on the additional property value. He estimated the City receives $300,000 per <br />year in property taxes from the Medtronic site. He noted the site was currently valued at over $160 <br />million today and would decertify in 2033. He commented further on the numerous financial <br />benefits the City has received by developing the Medtronic site versus holding it as a golf course. <br /> <br />Council Member Hull questioned what the property value was for the subject property. <br />Community Development Director Sevald reported the value was roughly $119,500. <br /> <br />Council Member Hull asked what the property value would be if the property were development <br />into the proposed apartments. Finance Director Beer estimated the property would be valued at <br />$30 million. <br /> <br />Mayor Mueller questioned how many years the TIF district would be in place for the Woodale <br />Apartments. Community Development Director Sevald stated the TIF district would be in place <br />for 20 years. <br /> <br />Council Member Meehlhause stated it was his understanding it has been difficult for any developer <br />to negotiate with the current property owners. Community Development Director Sevald reported <br />this was the case. He explained the development was proposed to be located on two separate lots, <br />noting there was also a corner lot. <br /> <br />Council Member Meehlhause inquired what other development opportunities have occurred on <br />these lots. Community Development Director Sevald explained the City has encouraged a number <br />of different developers to contact the property owner for a number of different developments and <br />this was the first time the property owners have considered selling. <br /> <br />Council Member Meehlhause requested who would be the driver of redeveloping the Mounds <br />View Square and AMC movie theater properties. Community Development Director Sevald